Tesla CEO Elon Musk announced a $43 billion unsolicited buyout bid for Twitter on Thursday.
The S&P 500 traded lower in a holiday-shortened trading week as investors digested another elevated inflation reading and the first round of bank stock earnings reports. On Tuesday, the Labor Department reported that the consumer price index rose 8.6% in the month of March, the highest inflation reading since December 1981. Core inflation, which excludes energy and food prices, was up 6.5%. The yield on 10-year U.S. Treasury bonds climbed as high as 2.82% on Tuesday, its highest level since December 2018. Treasury yields have surged in recent weeks, driven by investor expectations for aggressive Federal Reserve interest rate hikes in the months ahead. More: I Bond hacks on tax returns and more as inflation hits 8.
